Southern California Mortgage Crisis

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Bankruptcy Judge Option: Lower Principal

19. June 2009

Known colloquially as the “cram-down” option, the Obama administration had surfaced this idea as a means for bankruptcy judges to allow people to keep their homes. The program was intended to confir the power to lower the principal owed on a home loan down to the now-prevalent market value, thereby recalculating the monthly mortgage payment [...]

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The median price for an existing, single-family detached house in California declined 30 percent to $267,570 -CA Assoc. of Realtors [#]
California ranked highest nationally in the overall number of foreclosure filings in May, totaling 92,249, according to RealtyTrac. [#]
Survey by U of Michigan reports 77% of homeowners in West experienced value declines, the nation's highest rate, compared to 51% in South. [#]
As of today, California is imposing a 90-day foreclosure moratorium. It's the California Foreclosure Prevention Act. [#]
The number of foreclosures filed in May was so high as to make May the third highest month on record. [#]

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